Well I just booted up steam and it said it was updating skyrim. Is this the new update everyone has been waiting for? How do I check which version of the game is present?

Yes it's out, the thread is here: http://www.gamesas.com/topic/1341147-patch-14-is-out/

It may also state how to check the version number. I think the launcher number is listed in the corner of the launcher, and the version somewhere ingame. (It's been forever. )

Indeed.